IS Forum
Forum Index Register Members List Events Search Today's Posts Mark Forums Read Help

Go Back   International Skeptics Forum » General Topics » Non-USA & General Politics
 


Welcome to the International Skeptics Forum, where we discuss skepticism, critical thinking, the paranormal and science in a friendly but lively way. You are currently viewing the forum as a guest, which means you are missing out on discussing matters that are of interest to you. Please consider registering so you can gain full use of the forum features and interact with other Members. Registration is simple, fast and free! Click here to register today.
Tags UK issues , uk politics

Reply
Old 26th September 2022, 09:53 AM   #481
The Don
Penultimate Amazing
 
The Don's Avatar
 
Join Date: Nov 2002
Location: Sir Fynwy
Posts: 35,465
Originally Posted by Lothian View Post
I think it is time for a no confidence vote
And get Boris Johnson back as PM ?

No thanks.
The Don is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 26th September 2022, 10:21 PM   #482
Wudang
BOFH
 
Wudang's Avatar
 
Join Date: Jun 2003
Location: People's Republic of South Yorkshire
Posts: 14,980
There are claims that traders now refer to Truss as "daggers" - as in Dagenham, 2 stops past Barking.
__________________
"Your deepest pools, like your deepest politicians and philosophers, often turn out more shallow than expected." Walter Scott.
Wudang is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 12:21 AM   #483
Mojo
Mostly harmless
 
Mojo's Avatar
 
Join Date: Jul 2004
Location: Nor Flanden
Posts: 36,521
That’s 3 or 4 stops past.
__________________
"You got to use your brain." - McKinley Morganfield

"The poor mystic homeopaths feel like petted house-cats thrown at high flood on the breaking ice." - Leon Trotsky
Mojo is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 04:14 AM   #484
GlennB
Loggerheaded, earth-vexing fustilarian
 
GlennB's Avatar
 
Join Date: Sep 2006
Location: Wales
Posts: 28,811
Has any government ever got off to a worse start than Truss's? The markets have reacted, the analysts and pundits are utterly scathing ... is it actually possible Truss could be out before 2023? Meanwhile Labour are 17% ahead in the polls and plenty of Tory MPs must be ******** themselves.
__________________
"Even a broken clock is right twice a day. 9/11 truth is a clock with no hands." - Beachnut
GlennB is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 04:21 AM   #485
Darat
Lackey
Administrator
 
Darat's Avatar
 
Join Date: Aug 2001
Location: South East, UK
Posts: 105,725
Originally Posted by GlennB View Post
Has any government ever got off to a worse start than Truss's? The markets have reacted, the analysts and pundits are utterly scathing ... is it actually possible Truss could be out before 2023? Meanwhile Labour are 17% ahead in the polls and plenty of Tory MPs must be ******** themselves.
Even her assassination of the Queen doesn't seem to have helped her!
__________________
I wish I knew how to quit you
Darat is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 04:32 AM   #486
Darat
Lackey
Administrator
 
Darat's Avatar
 
Join Date: Aug 2001
Location: South East, UK
Posts: 105,725
From "The Knowledge" a newsletter I've signed up for at some point:

Quote:
In the headlines


“Spooked” lenders including Virgin Money have stopped offering mortgages to new customers, says The Daily Telegraph, amid fears the Bank of England will raise interest rates “to counter the turmoil facing the pound”. Traders predict rates will hit 6% next year, adding £800 to the typical monthly mortgage repayment. Labour has surged to its largest poll lead over the Tories since 2001. A new YouGov survey puts the opposition at 45%, 17 points ahead of the Conservatives on 28%.......
ETA: Telegraph paywalled - here is a Bloomberg article with the same mortgage news:

https://www.bloomberg.com/news/artic...ets-in-turmoil
__________________
I wish I knew how to quit you

Last edited by Darat; 27th September 2022 at 04:37 AM.
Darat is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 05:14 AM   #487
Vixen
Penultimate Amazing
 
Vixen's Avatar
 
Join Date: Apr 2015
Posts: 30,778
You can't say Truss didn't warn you. She did promise to hit the ground from day one!

Quite what is being 'delivered', I don't know.
Attached Images
File Type: jpg hitting the ground - Truss.jpg (17.1 KB, 7 views)
__________________
The parting on the Left
Is now parting on the Right ~ Pete Townshend

Vixen is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 05:24 AM   #488
Carrot Flower King
Illuminator
 
Join Date: Mar 2020
Location: Northumberland, UK
Posts: 3,023
Oh, look - https://www.theguardian.com/news/202...r-report-finds - it appears that non-doms might not all sod off if told to pay some taxes...

Odd how those of us who were on PAYE never got any leeway nor choice about any of this.
Carrot Flower King is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 06:06 AM   #489
Darat
Lackey
Administrator
 
Darat's Avatar
 
Join Date: Aug 2001
Location: South East, UK
Posts: 105,725
Originally Posted by Carrot Flower King View Post
Oh, look - https://www.theguardian.com/news/202...r-report-finds - it appears that non-doms might not all sod off if told to pay some taxes...

Odd how those of us who were on PAYE never got any leeway nor choice about any of this.
The argument never made any sense - someone claiming nom-dom is saying they don't intend to stay in the UK so they were going to sod off at some point anyway.

It's used simply because it is there.
__________________
I wish I knew how to quit you
Darat is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 06:35 AM   #490
Darat
Lackey
Administrator
 
Darat's Avatar
 
Join Date: Aug 2001
Location: South East, UK
Posts: 105,725
We can all take a sigh of relief as one of the most worrying issues on all of our minds has been resolved, we have the new cypher for Charles the Turd. https://www.bbc.co.uk/news/uk-63034255
__________________
I wish I knew how to quit you
Darat is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 06:58 AM   #491
The Don
Penultimate Amazing
 
The Don's Avatar
 
Join Date: Nov 2002
Location: Sir Fynwy
Posts: 35,465
Labour propose to create a nationalised green energy company.

Oh great, something else for the Tories to flog to their mates when they get back into power

To be clear, I'm in favour of Labour's proposal and think it will be a great success. I also think that as a result, the Tories will sell it off at the first opportunity for the lowest amount they can get away with.
The Don is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 07:04 AM   #492
The Don
Penultimate Amazing
 
The Don's Avatar
 
Join Date: Nov 2002
Location: Sir Fynwy
Posts: 35,465
According to this BBC commentator, Kwasi Kwarteng must U-turn on tax or cut spending.

https://www.bbc.co.uk/news/business-63049044

I think we all know what they would prefer to do
The Don is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 08:47 AM   #493
Vixen
Penultimate Amazing
 
Vixen's Avatar
 
Join Date: Apr 2015
Posts: 30,778
Originally Posted by The Don View Post
According to this BBC commentator, Kwasi Kwarteng must U-turn on tax or cut spending.

https://www.bbc.co.uk/news/business-63049044

I think we all know what they would prefer to do
The initial setting up of the OBR was a Conservative Party initiative in the first place, so it seems a bit suspicious it hasn't even looked at the costings yet. Note Kwarteng has deferred this report until 23 November - eight weeks time, when the fiscal situation might be in free fall and irreversible. His affirmation today that he is determined to change nothing indicates to me that the whole thing is a deliberate attempt to asset strip the UK and then say, hey, guys, meet the US Pharma who have offered to invest heavily in the NHS, now the Private Health Service and here's the plan for everybody to take out health care plans as we can no longer afford the NHS.

Let's see if I am not right.
__________________
The parting on the Left
Is now parting on the Right ~ Pete Townshend

Vixen is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 09:02 AM   #494
Lothian
should be banned
 
Lothian's Avatar
 
Join Date: Apr 2002
Location: Earth, specifically the crusty bit on the outside
Posts: 17,991
The Tories unconventional approach to economics is proving as welcome to the markets as an unconventional approach to parachute packing would be to paratroopers.
Lothian is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 10:06 AM   #495
Carrot Flower King
Illuminator
 
Join Date: Mar 2020
Location: Northumberland, UK
Posts: 3,023
Originally Posted by Darat View Post
The argument never made any sense - someone claiming nom-dom is saying they don't intend to stay in the UK so they were going to sod off at some point anyway.

It's used simply because it is there.
True, but it's good to have the likes of the LSE actually showing that it's nonsense.
Carrot Flower King is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 10:10 AM   #496
Darat
Lackey
Administrator
 
Darat's Avatar
 
Join Date: Aug 2001
Location: South East, UK
Posts: 105,725
Originally Posted by The Don View Post
Labour propose to create a nationalised green energy company.

Oh great, something else for the Tories to flog to their mates when they get back into power

To be clear, I'm in favour of Labour's proposal and think it will be a great success. I also think that as a result, the Tories will sell it off at the first opportunity for the lowest amount they can get away with.
And renationalise the railways (don’t know if that’s is UK or England&Wales). That should take a few minutes once in power considering most of it has already been renationalised!
__________________
I wish I knew how to quit you
Darat is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 10:31 AM   #497
3point14
Pi
 
3point14's Avatar
 
Join Date: Nov 2005
Posts: 21,443
Originally Posted by Darat View Post
And renationalise the railways (don’t know if that’s is UK or England&Wales). That should take a few minutes once in power considering most of it has already been renationalised!
Tht one's a doddle. Stop paying subsidies, shares then worth zero, buy them all at pennies on the pound.
__________________
Up the River!

Anyone that wraps themselves in the Union Flag and also lives in tax exile is a [redacted]
3point14 is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 11:36 AM   #498
Graham2001
Graduate Poster
 
Graham2001's Avatar
 
Join Date: Aug 2006
Posts: 1,626
According to a member of the (British) Labor Party Mr Kwartung is:


Quote:
MP Rupa Huq says she has apologised to Chancellor Kwasi Kwarteng for describing him as "superficially" black.

Speaking at a Labour Party conference fringe event, Ms Huq also said: "If you hear him on the Today programme, you wouldn't know he's black."

Her remarks were criticised and Labour suspended her from the parliamentary party pending an investigation.

https://www.bbc.com/news/uk-politics-63050482



This is the BBC report, others on the political right are leaping on this. The contrarians at Spiked for example have produced an editorial highlighting the kinds of language used to describe Truss's cabinet picks and pointing out just how racist it sounds.


Quote:
What does it mean to be ‘superficially’ black? That’s a question we’ve all been forced to ponder this afternoon, in response to Labour MP Rupa Huq’s vile comments about Kwasi Kwarteng. At a fringe event at Labour Party conference yesterday, unfortunately titled ‘What’s next for Labour’s agenda on race?’, Huq apparently felt moved to hold forth on the question of just how black our British-Ghanaian Tory chancellor really is. ‘If you hear him on the Today programme you wouldn’t know he’s black’...

https://www.spiked-online.com/2022/0...f-woke-racism/
__________________
"I need hard facts! Bring in the dowsers!"
'America Unearthed' Season 1, Episode 13: Hunt for the Holy Grail

Everybody gets it wrong sometimes...
Graham2001 is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 12:27 PM   #499
Darat
Lackey
Administrator
 
Darat's Avatar
 
Join Date: Aug 2001
Location: South East, UK
Posts: 105,725
Originally Posted by Graham2001 View Post
According to a member of the (British) Labor Party Mr Kwartung is:





https://www.bbc.com/news/uk-politics-63050482



This is the BBC report, others on the political right are leaping on this. The contrarians at Spiked for example have produced an editorial highlighting the kinds of language used to describe Truss's cabinet picks and pointing out just how racist it sounds.





https://www.spiked-online.com/2022/0...f-woke-racism/
And?
__________________
I wish I knew how to quit you
Darat is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 27th September 2022, 05:10 PM   #500
Vixen
Penultimate Amazing
 
Vixen's Avatar
 
Join Date: Apr 2015
Posts: 30,778
Originally Posted by Graham2001 View Post
According to a member of the (British) Labor Party Mr Kwartung is:





https://www.bbc.com/news/uk-politics-63050482



This is the BBC report, others on the political right are leaping on this. The contrarians at Spiked for example have produced an editorial highlighting the kinds of language used to describe Truss's cabinet picks and pointing out just how racist it sounds.





https://www.spiked-online.com/2022/0...f-woke-racism/
Incredibly crass thing for Huq to say. I think people who hang out with the political left do start to talk about Tories in scornful tones and I am guessing it was a political context in which Huq made her comments rather than a hate-fueled racist one. There is of course a class culture amongst South Asians which is worse than the British one so people like Braverman and Patel suck up to the ruling classes and kick down on those coming after them. Hence we see Braverman having a paddy over Truss wanting to invite immigrants from India to fill vacancies in exchange for a trade deal.
__________________
The parting on the Left
Is now parting on the Right ~ Pete Townshend

Vixen is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 12:45 AM   #501
The Don
Penultimate Amazing
 
The Don's Avatar
 
Join Date: Nov 2002
Location: Sir Fynwy
Posts: 35,465
The IMF don't think that the UK Government's tax plans are a good idea:

Quote:
The International Monetary Fund has openly criticised the UK government over its plan for tax cuts, warning that the measures are likely to fuel the cost-of-living crisis.

In an unusually outspoken statement, the IMF said the proposal was likely to increase inequality and add to pressures pushing up prices.
https://www.bbc.co.uk/news/business-63051702

Naturally, the UK Government disagrees and is going "all in" on voodoo economics.

Quote:
Meanwhile, Lord Frost, the former Brexit minister and close ally of Prime Minister Liz Truss, criticised the IMF's statement.

He told the Daily Telegraph: "The IMF has consistently advocated highly conventional economic policies. It is following this approach that has produced years of slow growth and weak productivity.

"The only way forward for Britain is lower taxes, spending restraint, and significant economic reform."
The Don is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 12:51 AM   #502
jimbob
Uncritical "thinker"
Moderator
 
jimbob's Avatar
 
Join Date: Jan 2007
Location: UK
Posts: 28,030
Originally Posted by Mojo View Post
Compared with Boris’s, pretty much any leadership looks inspirational.
<Liz Truss has entered the chat>
__________________
OECD healthcare spending
Public/Compulsory Expenditure on healthcare
https://data.oecd.org/chart/60Tt

Every year since 1990 the US Public healthcare spending has been greater than the UK as a proportion of GDP. More US Tax goes to healthcare than the UK
jimbob is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 04:02 AM   #503
Vixen
Penultimate Amazing
 
Vixen's Avatar
 
Join Date: Apr 2015
Posts: 30,778
So the Bank of England has had to step in by buying up government bonds and gilts (these are to fund government borrowing, with a 'coupon' price representing the yield when the bond matures after a fixed period of time).

Quote:
The Bank of England has announced that it will step in to calm markets after the government's tax-cutting plans sparked a fall in the pound and caused borrowing costs to surge.

It warned that if the market volatility continued there would be a "material risk to UK financial stability".

The Bank said it would buy government bonds on a temporary basis to help "restore orderly market conditions".
BBC News

It probably had no choice but to act as the pension provider funds rely heavily on the gilt market. They are reported as being angry at being suddenly forced to sell off gilts in order to buy cheaper ones in order to stem the run on the pound reverberating on the stock markets causing the prices to crash. So if you were about to retire in the next couple of years or so and were looking forward to getting your 25% tax-free lump sum, you would have been pulling your hair out in despair as you watched the value of your pension pot plunge, thanks to Truss and Kwarteng.

It is a long-term thing so an increase in yield in the long-term will pay off but int he short term the brokers are selling them off like crazy.

Let's see if the Bank fo England will increase interest rates any time soon. Whilst it wants to be seen as supporting the government, ont he other hand it is its job to be independent and to act judiciously. Andrew Bailey seems to be quite timid in this respect, with his 'wait and see' attitude and diffidence in putting up the rate. He doesn't want to undermine the government but he has to put the country first.


Interesting times we live in. The DAILY MAIL is accusing the market traders of being unpatriotic by betting against the UK. Absolutely bonkers! So much for a Conservative Party fervent belief in the free market. Suddenly they are communists when it comes to losing votes.
__________________
The parting on the Left
Is now parting on the Right ~ Pete Townshend

Vixen is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 06:07 AM   #504
a_unique_person
Director of Hatcheries and Conditioning
 
a_unique_person's Avatar
 
Join Date: Jul 2002
Location: Waiting for the pod bay door to open.
Posts: 44,778
Too soon to start the "Is Liz gone yet?" thread?
__________________
Continually pushing the boundaries of mediocrity.
Everything is possible, but not everything is probable.
“Perception is real, but the truth is not.” - Imelda Marcos
a_unique_person is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 06:20 AM   #505
The Don
Penultimate Amazing
 
The Don's Avatar
 
Join Date: Nov 2002
Location: Sir Fynwy
Posts: 35,465
Originally Posted by a_unique_person View Post
Too soon to start the "Is Liz gone yet?" thread?
How about an "Is Boris back yet ?" thread ?
The Don is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 06:23 AM   #506
The Don
Penultimate Amazing
 
The Don's Avatar
 
Join Date: Nov 2002
Location: Sir Fynwy
Posts: 35,465
Man on minimum wage can no longer afford to buy the home he wants.

Quote:
Sales assistant Robin Price, who is on the minimum wage, has been saving up his mortgage deposit for years and thanks to that and an inheritance, is now ready to buy. But with the threat of a sharp rise in interest rates looming, he says he now feels completely lost.

"I just want a home," the 38-year-old told the BBC's 5 Live programme. He fears monthly mortgage repayments will become unaffordable to him just when he wanted to buy his own place.
https://www.bbc.co.uk/news/business-63046919

While this is personally sad for him, I reckon he has dodged a bullet. Mortgage rates are at all time lows and are less than half the long term trend. If you can only afford a house with those interest rates, you cannot really afford a house IMO.
The Don is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 07:05 AM   #507
Darat
Lackey
Administrator
 
Darat's Avatar
 
Join Date: Aug 2001
Location: South East, UK
Posts: 105,725
£1.056

Bets on it going lower?
__________________
I wish I knew how to quit you
Darat is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 07:09 AM   #508
Darat
Lackey
Administrator
 
Darat's Avatar
 
Join Date: Aug 2001
Location: South East, UK
Posts: 105,725
Looks like the growth Truss said would happen is happening!

https://uk.finance.yahoo.com/news/po...133527443.html : Pound v dollar: How hedge funds benefit from a weaker sterling

So hedge funds are making more money thanks to Truss's economic policy!

Oh and it looks like we might be meeting the Euro as well!
__________________
I wish I knew how to quit you
Darat is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 07:19 AM   #509
Blue Bubble
Sharper than a thorn
 
Blue Bubble's Avatar
 
Join Date: May 2005
Location: Duxford, Cambridgeshire, UK
Posts: 5,420
Originally Posted by Darat View Post
£1.056

Bets on it going lower?
Think you mean $1.056 ... at least I hope so
__________________
eiπ+43
Blue Bubble is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 07:30 AM   #510
Darat
Lackey
Administrator
 
Darat's Avatar
 
Join Date: Aug 2001
Location: South East, UK
Posts: 105,725
__________________
I wish I knew how to quit you
Darat is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 07:42 AM   #511
GlennB
Loggerheaded, earth-vexing fustilarian
 
GlennB's Avatar
 
Join Date: Sep 2006
Location: Wales
Posts: 28,811
"Am told the BoE were responding to a “run dynamic” on pension funds - a wholesale equivalent of the run which destroyed Northern Rock.
Had they not intervened, there would have been mass insolvencies of pension funds by THIS AFTERNOON."

linky from Sky News
__________________
"Even a broken clock is right twice a day. 9/11 truth is a clock with no hands." - Beachnut
GlennB is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 07:44 AM   #512
Darat
Lackey
Administrator
 
Darat's Avatar
 
Join Date: Aug 2001
Location: South East, UK
Posts: 105,725
Originally Posted by GlennB View Post
"Am told the BoE were responding to a “run dynamic” on pension funds - a wholesale equivalent of the run which destroyed Northern Rock.
Had they not intervened, there would have been mass insolvencies of pension funds by THIS AFTERNOON."

linky
Damn the BofE - that would have provided so much opportunity for growth - buying assets at knocked down prices!
__________________
I wish I knew how to quit you
Darat is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 08:52 AM   #513
The Don
Penultimate Amazing
 
The Don's Avatar
 
Join Date: Nov 2002
Location: Sir Fynwy
Posts: 35,465
In case there is any doubt about the fact that it is UK Government policy which is causing the crisis....

Quote:
But all of this is only required because of the violent turn against British government debts since the mini-budget. It is a dramatic emergency medicine. The risk still lingers. It does not solve the underlying problem.
https://www.bbc.co.uk/news/business-63065413

Oh joy
The Don is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 09:13 AM   #514
lobosrul5
Illuminator
 
lobosrul5's Avatar
 
Join Date: Nov 2017
Posts: 3,650
Originally Posted by Vixen View Post
So the Bank of England has had to step in by buying up government bonds and gilts (these are to fund government borrowing, with a 'coupon' price representing the yield when the bond matures after a fixed period of time).

BBC News

It probably had no choice but to act as the pension provider funds rely heavily on the gilt market. They are reported as being angry at being suddenly forced to sell off gilts in order to buy cheaper ones in order to stem the run on the pound reverberating on the stock markets causing the prices to crash. So if you were about to retire in the next couple of years or so and were looking forward to getting your 25% tax-free lump sum, you would have been pulling your hair out in despair as you watched the value of your pension pot plunge, thanks to Truss and Kwarteng.

It is a long-term thing so an increase in yield in the long-term will pay off but int he short term the brokers are selling them off like crazy.

Let's see if the Bank fo England will increase interest rates any time soon. Whilst it wants to be seen as supporting the government, ont he other hand it is its job to be independent and to act judiciously. Andrew Bailey seems to be quite timid in this respect, with his 'wait and see' attitude and diffidence in putting up the rate. He doesn't want to undermine the government but he has to put the country first.


Interesting times we live in. The DAILY MAIL is accusing the market traders of being unpatriotic by betting against the UK. Absolutely bonkers! So much for a Conservative Party fervent belief in the free market. Suddenly they are communists when it comes to losing votes.
So... they're doing Quantitative Easing during a time of high inflation, and cutting taxes.... I'm seeing the GBP falling to about 50 US cents here pretty soon.
lobosrul5 is online now   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 09:18 AM   #515
GlennB
Loggerheaded, earth-vexing fustilarian
 
GlennB's Avatar
 
Join Date: Sep 2006
Location: Wales
Posts: 28,811
I see that Truss is "standing by Kwarteng". He's toast, then.
__________________
"Even a broken clock is right twice a day. 9/11 truth is a clock with no hands." - Beachnut
GlennB is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 09:22 AM   #516
The Don
Penultimate Amazing
 
The Don's Avatar
 
Join Date: Nov 2002
Location: Sir Fynwy
Posts: 35,465
Originally Posted by GlennB View Post
I see that Truss is "standing by Kwarteng". He's toast, then.
I wonder if he will quit - in effect allowing Truss to claim it's all his fault, or be fired and allow Truss to claim that she is decisive.

As long as the policies are abandoned, I couldn't care less about the humans.
The Don is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 09:23 AM   #517
Vixen
Penultimate Amazing
 
Vixen's Avatar
 
Join Date: Apr 2015
Posts: 30,778
Originally Posted by The Don View Post
Man on minimum wage can no longer afford to buy the home he wants.



https://www.bbc.co.uk/news/business-63046919

While this is personally sad for him, I reckon he has dodged a bullet. Mortgage rates are at all time lows and are less than half the long term trend. If you can only afford a house with those interest rates, you cannot really afford a house IMO.
His big problems are:
  • being single
  • being on minimum wage / low paid
  • expecting to be a first-time buyer in London.

Back in the day, whilst interest rates did indeed go up to 15% (but only for one day; it soon dropped back to 10%) in the '90's, prior to that (going backto the seventies and eighties) the average mortgage applicant was only expected to show their earnings as apx 3:1 the value of the property. Nowadays, whilst interest rates have been very low (<2%) OTOH mortgage providers now expect up to five times one's salary minimum, on the assumption you are in a partnership, and thus able to afford the average high house prices today. This assumption immediately makes it hard for a single person or someone who doesn't want to share. In addition, even if he had the requisite deposit, his earnings wouldn't buy him anywhere in London, with the housing market there grossly overpriced IMO. Renting won't help this chap as rents will rise along with mortgages to meet the landlords' costs. This chap is better off finding a place near Norfolk whilst there are gains to be made on stamp duty and sit it out.

According to the link:

Quote:
The Resolution Foundation think tank said on Monday that for a homeowner with a £140,000 mortgage, rates rising to 5% could mean monthly payments going up by about £190, relative to rates staying at 2.25%.

Interest rates of 6% could push a typical mortgage payment up by another £80 a month, the foundation said.
ibid

So, he'll need to ensure he can cope with an extra £190 pcm on a mortgage, together with another £100 pcm...£200 pcm...? extra on energy bills in the coming years, on top of that. Otherwise it is back to living with Mum and Dad for many younger people.
__________________
The parting on the Left
Is now parting on the Right ~ Pete Townshend


Last edited by Vixen; 28th September 2022 at 09:24 AM.
Vixen is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 09:32 AM   #518
Vixen
Penultimate Amazing
 
Vixen's Avatar
 
Join Date: Apr 2015
Posts: 30,778
Originally Posted by GlennB View Post
"Am told the BoE were responding to a “run dynamic” on pension funds - a wholesale equivalent of the run which destroyed Northern Rock.
Had they not intervened, there would have been mass insolvencies of pension funds by THIS AFTERNOON."

linky from Sky News
I am really worried about this. The whole thing could collapse overnight. People can't really take it all out without big tax penalties either. Sure, there is a government scheme to protect your pension pot from going bust but that only pays a fraction of its true value.

This happened with one of my pension funds some years ago.
__________________
The parting on the Left
Is now parting on the Right ~ Pete Townshend

Vixen is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 09:35 AM   #519
Vixen
Penultimate Amazing
 
Vixen's Avatar
 
Join Date: Apr 2015
Posts: 30,778
Originally Posted by lobosrul5 View Post
So... they're doing Quantitative Easing during a time of high inflation, and cutting taxes.... I'm seeing the GBP falling to about 50 US cents here pretty soon.
Also known as, Russian roulette or casino gambling. Just chuck everything onto the red square and hope for the best.
__________________
The parting on the Left
Is now parting on the Right ~ Pete Townshend

Vixen is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Old 28th September 2022, 09:38 AM   #520
Filippo Lippi
Illuminator
 
Filippo Lippi's Avatar
 
Join Date: Nov 2002
Posts: 4,087
Originally Posted by The Don View Post
I wonder if he will quit - in effect allowing Truss to claim it's all his fault, or be fired and allow Truss to claim that she is decisive.

As long as the policies are abandoned, I couldn't care less about the humans.
Humans, maybe. Humanity, not so much
__________________
You can't defeat fascism through debate because it's not simply an idea, proposal or theory. It's a fundamentally flawed way of looking at the world. It's a distorting prism, emotionally charged and completely logic-proof. You may as well challenge rabies to a game of Boggle. @ViolettaCrisis
Filippo Lippi is offline   Quote this post in a PM   Nominate this post for this month's language award Copy a direct link to this post Reply With Quote Back to Top
Reply

International Skeptics Forum » General Topics » Non-USA & General Politics

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -7. The time now is 01:01 PM.
Powered by vBulletin. Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.

This forum began as part of the James Randi Education Foundation (JREF). However, the forum now exists as
an independent entity with no affiliation with or endorsement by the JREF, including the section in reference to "JREF" topics.

Disclaimer: Messages posted in the Forum are solely the opinion of their authors.